BioMarin Announces Acquisition of Amicus Therapeutics for $4.8 Billion

BioMarin Pharmaceutical Inc. has entered into a definitive agreement to acquire Amicus Therapeutics for $4.8 billion in an all-cash transaction. The acquisition will add Galafold® (migalastat) for Fabry Disease and Pombiliti® (cipaglucosidase alfa-atga) + Opfolda® (miglustat) for Pompe Disease to BioMarin's rare disease product portfolio. The deal will provide BioMarin with access to two high-growth products that generated $599 million in revenue over the past four quarters.

The transaction is expected to be accretive to Non-GAAP Diluted EPS in the first 12 months post-close and substantially accretive in 2027. The acquisition is anticipated to strengthen BioMarin's financial outlook and accelerate revenue growth immediately after close. The agreement has been unanimously approved by the Boards of Directors of both companies and is expected to close in the second quarter of 2026, subject to regulatory clearances and approval by the stockholders of Amicus.

Amicus' Board of Directors has unanimously recommended that its stockholders vote to adopt the agreement. The transaction is not subject to financing conditions and will be financed through a combination of cash on hand and approximately $3.7 billion of non-convertible debt financing. The pending U.S. Galafold patent litigation has been resolved, allowing for the acceleration of revenue growth.

The acquisition will expand and diversify BioMarin's rare disease product portfolio, adding two new treatments to the company's existing portfolio of medicines that target lysosomal storage disorders: Galafold® (migalastat) and Pombiliti® (cipaglucosidase alfa-atga) + Opfolda® (miglustat), and the potential first-in-class investigational small molecule for the treatment of focal segmental glomerulosclerosis (FSGS).

The agreement also includes License Agreements with Aurobindo and Lupin for Galafold 123 mg capsules, granting them licenses to market generic versions of Galafold in the United States beginning on January 30, 2037, if approved by the U.S. Food and Drug Administration. Advisors for the acquisition include Morgan Stanley & Co. LLC and J.P. Morgan Securities, LLC as financial advisors to BioMarin, and Centerview Partners LLC and Goldman Sachs & Co. LLC as financial advisors to Amicus.